text: The intention to form the company was announced by the Chancellor on 13 July 2015 with funding of £5m, on a visit to Cheshire. It would be part of the Northern Powerhouse initiative.
  The Medicines Technologies Catapult was established in December 2015, funded by a £10m grant from Innovate UK and based at the Alderley Park science park in Cheshire. On 1 March 2016 its name changed to the Medicines Discovery Catapult. Further funding of approximately £10m per year was secured from Innovate UK for the years 2018 to 2023.